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Kuala Lumpur: Prime Minister Datuk Seri Anwar Ibrahim announced the government will revamp the Insolvency Act 1967 to ensure those dealing with bankruptcy would be discharged more quickly.

“While waiting for the (Act) amendment, small cases where the debt is less than RM50,000 and adhering to the conditions would be released immediately starting March 1,” he said while tabling Budget 2023 today.

Anwar, who is also the finance minister, stated that until January, over 260,000 bankruptcy cases were recorded, mostly involving Malay youths with the potential to contribute to the country’s economy.

“The government aims to release 130,000 people from bankruptcy status with the passage of the amendment,” he said.